According to the report, the mayor invested some 19.75% of the small town’s total pension assets in hedge funds. The figure is much higher than the 14.6% of state assets invested by Raimondo into hedge funds under the new investment strategy she launched after taking office in 2011.

Rhode Island is a state in the New England region, on the North-Eastern coast of the United States, and Providence is its capital.

WPRI.com quotes Taveras’ spokesman David Ortiz as saying that the city began to invest hedge funds on the advice of its long-time financial consultant, Boston-based Wainwright Investment Counsel.

In 2012, Providence’s pension portfolios generated an 11.2% profit, lower than the 12.5% recorded by the state’s investment.

Raimondo’s investment strategy into the state’s pension system has been drawing some criticism lately with a Forbes article describing her reforms as "like a Wall St......................